Emirati company Al-Sweiden to invest over EGP 40bn in Egypt

Emirati firm Al-Sweiden Holding Company is seeking to construct a commerce and shopping district close to the Suez Canal axis.(Photo Presidency Handout)

Emirati firm Al-Sweiden Holding Company is seeking to construct a commerce and shopping district close to the Suez Canal axis, the Ministry of Supply and Internal Trade announced on Sunday.

This is one of the two projects the company is undertaking in Egypt, and has an investment value of EGP 40bn.

The project will cover over 4.2m square metres and is expected to offer 500,000 job opportunities after the completion of the first phase.

The second project includes the establishment of a logistics centre for food products in Damietta.

“The centre aims to transform Egypt into a hub for logistical, global storage,” said Minister of Supply Kahled Hanafy. The project will introduce global mechanisms for storing, handling and packaging grains.

The Ministry of Supply said the volume of annual trade will be some 65m tonnes of grains and food commodities.

The Ministry indicated the Ministries of Transportation and Housing will cooperate on the project.

Hanafy met with the company’s president and the Abu Dhabi Chamber of Commerce and Industry’s board of directors’ member, Ahmed Al-Sweiden. The two parties signed a cooperation agreement which will allow them to discuss the operational mechanisms of the two projects.

The projects will be overlooked by the Ministry Of Supply’s Internal Trade Development Authority (ITDA).

Al-Sweiden said the company has reviewed the technical details for both projects, asserting that there will be economic and social returns to Egypt and neighbouring countries.

Earlier this month, the ministry announced that three international logistics centres for food commodities are to be constructed. Aside for the one Damietta centre, the two other centres will be located in East Port Said and Safaga.

Investments in the three logistics centres will amount to EGP 13bn and they are expected to provide about 20,000 jobs during construction and operation. The completion period for projects will be around two years.